Los Angeles-based Therabody has launched eight new products with the help of a $165 million fundraising round led by North Castle Partners and supplemented by numerous celebrity investments.
Therabody makes a massage gun product, the Theragun, which is a "percussive therapy device" that distributes vibrations to muscles to relax tension. Therabody also recently expanded to include a whole-body wellness service. However, Theragun is their bestselling product and controlled 71% of the United States market share as of last year, according to NPD Research Group. Revenue from this extremely popular item increased almost thirteen times from 2018 to 2021. Their newest products include advanced and miniature versions of the Theragun, heated and cooled muscle relief products, a facial massage helmet and goggles, and a sound therapy device. The sound therapy device, called TheraMind, and the facial massage product, SmartGoggles, are meant to be paired with the Therabody App to track biometric data and provide mindfulness and medication content. Ultimately, Therabody notes that the combined usage of all products, including monitoring biological data, will lead to lowered heart rate and reduced stress.
Therabody's products became popular primarily through the endorsement of numerous celebrities and sports figures, such as soccer player Cristiano Renaldo, fashion model and computer programmer Karlie Kloss, tennis star Maria Sharapova, and actor Daniel Craig. In February 2021, Therabody completed its first-ever capital raise with the help of investors like Jay-Z and Larry Marcus of Marcy Venture Partners. Other investors included Rx3 Ventures, a firm founded by Green Bay Packers quarterback Aaron Rogers, and HartBeat Ventures, founded by comedian/actor Kevin Hart.
"We believe that wellness should be accessible to everybody with innovative, personalized products that are backed by science," Therabody Chief Executive Officer Ben Nazarian told ClubIndustry. "The new additions to our ecosystem represent Therabody's own evolution as we broaden our product portfolio from hardware to biometrics and content to support both the body and the mind."